Bankwest Low Rate Business Mastercard – Review

Make purchases and run your business with a low interest rate credit card that was designed to assist you in managing expenses.

Apply and get approved for a new Bankwest Low Rate Business Mastercard and enjoy an introductory interest rate of 0% p.a. on purchases for 13 months. Plus, pay down your existing credit card debt for less and manage your cashflow with 0% p.a. for 13 months on balance transfers (with a one-time 2% balance transfer fee).

Product NameBankwest Low Rate Business Mastercard
Balance transfer rate (p.a.)0% p.a. for 13 months with 2% balance transfer fee
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)0% p.a. for 13 months (reverts to 11.99% p.a.)
Annual fee$99 p.a.
Interest Free Period
The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date.
Up to 55 days on purchases
Cash advance rate (p.a.)11.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Max credit limit
This credit limit may not be issued to you immediately upon application. This is the maximum credit limit available on this card and you can apply for increases after the account has been opened.
$50,000
Card TypeMastercard
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95% of transaction value
Complimentary Travel InsuranceNo
Minimum Age18 years of age
Available To Temporary ResidentsNo
Joint ApplicationNo
Annual fee$99 p.a.
Minimum Monthly Repayment$20 or 2%
Late Payment Fee$35
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95% of transaction value
Cash Advance FeeGreater of 2% or $4.00
Overseas Cash Advance FeeGreater of 2% or $4.00
Overseas ATM Withdrawal Fee$0
Gambling Transactions AllowedNo
Additional Cardholder Fee$0
Number of Additional Cardholders3

Pros

  • Take advantage of 0% interest rate for 13 months on purchases and balance transfers for 13 months (a one-time 2% BT fee applies).
  • Low rate of 11.99% p.a. on purchases and cash advances.
  • Flexible credit limits between $2,000 and $50,000.

Cons

  • No rewards program or insurance covers.
  • A one-time 2% balance transfer fee applies.

Bankwest Low Rate Business Mastercard review

The Bankwest Low Rate Business Mastercard gives you the opportunity to pay off your business debt by consolidating it into one manageable account. Take advantage of the introductory rate of 0% on purchases and balance transfers for the first 13 months. If you choose to complete a balance transfer, a one-time 2% fee applies.

This is a personal liability credit card best suited to small businesses. If your company is larger you might want to consider exploring business credit cards that allow liability to be assigned to the business, not its owner.

Benefits of the Bankwest Low Rate Business Mastercard

  • Purchase offer. Pay 0% p.a. interest on purchases for 13 months. After the 13 months is over, any outstanding purchases will be charged at the ongoing purchase rate.
  • Balance transfer offer. This card comes with a long-term balance transfer offer of 0% p.a. for the first 13 months. Interest rate reverts to the balance transfer rate after the introductory period ends. Note that a one-time 2% balance transfer fee applies.
  • Low interest rates. A uniform interest rate of 11.99% p.a. applies to purchases outside of the promotional period, cash advances and balance transfers.
  • Interest-free days. After the introductory period, and for purchases only, there are up to 55 interest-free days. These can only be taken advantage of when the account has been paid in full for the current and preceding statement period. Interest-free days will not apply to balance transfers or cash advances.
  • Eligible for Google Pay. The Google Pay feature allows Bankwest cardholders to tap and go at the checkout with their Android device.

Features of the Bankwest Low Rate Business Mastercard

In addition to the competitive rates on balance transfers, purchases and cash advances, the Bankwest Low Rate Business Mastercard offers your business the following features:

  • Annual fee. This card attracts a standard annual fee of $99 p.a.
  • Foreign transactions. When you make a purchase that involves the conversion of a foreign currency to the Australian dollar, you will be charged 2.95% of the Australian dollar amount.
  • Card replacement. For the replacement of a lost card, you will be charged $25.
  • Additional cardholders. You are permitted to have up to 3 additional cards with your account for no charge. Your monthly statement will contain detailed information for each card held on the account.
  • Liability. Despite this being a business credit card, the liability for any fraudulent use is the sole responsibility of the primary cardholder and not the business entity.
  • Credit limit. Depending on your individual financial circumstances, the amount of credit allowed will range from $2,000 to $50,000.
  • Repayments. The minimum repayment amount each month will be the greater of $20 or 2% of the total balance.

How to apply for the Bankwest Low Rate Business Mastercard

Eligibility criteria

  • 18 years of age or older
  • Australian permanent resident
  • Meet Bankwest lending criteria
  • Do not have an overdue debt with the Australian Tax Office

Required documents

  • Verifiable identity information if you're a new Bankwest customer
  • Details of your financial information, including income, assets, expenses and liabilities
  • Any additional cardholders' names and email addresses

When considering a new credit card for your business make sure to examine all of the features offered to determine what will best help you meet your goals. Liability should also be considered, especially if your business is a larger one.

Back to top
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Credit Cards Comparison

Rates last updated January 21st, 2019
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Suncorp Clear Options Platinum Credit Card - Online Offer
20.74% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% balance transfer offer and earn up to 60,000 Bonus Reward Points. Plus, a discounted first year annual fee when you apply online.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question
Go to site